Williams announces increased profits for first half of 2017

Williams Grand Prix Holdings PLC has announced increased pre-tax profits for the six months to June 30, 2017.

The holding company for Williams Grand Prix Engineering Limited – the Formula 1 team – Williams Grand Prix Holdings PLC (WGPH) saw group revenue grow to £85.9 million ($115.28m) from £80.0m ($107.36m) compared to the same period in 2016, with earnings before interest, taxes, depreciation and amortization (EBITDA) improving from a £7.8m ($10.47m) profit to a £10.4m ($13.96m) profit in 2017.

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The F1 business also generated increased revenues, up from £51.3m ($68.85m) last year to £65.5m ($87.90m) in 2017, while EBITDA grew to £10.1m ($13.55m) from £4.1m ($5.50m) during the same period last year.

Group chief executive officer Mike O'Driscoll says the results will allow the company to continue chasing further performance on the F1 side while growing its advanced engineering arm.

"These results demonstrate our financial stability as a group, and represent a solid platform from which we can continue to develop our Formula 1 and advanced engineering operations," O'Driscoll said.

"The Formula 1 business generated both increased revenues and profit versus the first half of 2016, largely driven by non-recurring one off items and the revenues associated with project work within that period. We are delighted to be celebrating our 40th year in Formula 1 during 2017, and we are confident that with recent additions to the team, coupled with investment in facilities we will accelerate our progress in the years ahead.

"We are pleased that Williams Advanced Engineering has consolidated its financial position, while simultaneously making further investments in its core capabilities. During the first half of this year we have secured government APC funding for a battery build program and unveiled the FW-EVX, a ground-breaking lightweight electric vehicle platform concept that showcases our state-of-the-art innovation and proprietary technology. Our growing reputation and expanding customer base support our belief that we will continue to grow the business and create a sustainable and profitable future.

"We continue to face the cost pressures associated with our determination to enhance our Formula 1 performance and in growing Williams Advanced Engineering, however, we remain confident in our ability to meet these demands. Wider economic pressures and the evolving Formula 1 landscape will continue to impact our near-term results."

After back-to-back third places in the constructors' championship in 2014 and 2015, Williams slipped to fifth place last season after a close battle with Force India, and is currently fifth once again this year.